LSQ, a leading provider of working capital finance and payments solutions, announces the acquisition of Qwil, a San Francisco-based fintech company that provides early payments to staffing firms.
Founded in 2015 by Johnny Reinsch, Paul Tiplady and Trevor Branon, Qwil provides the contingent staffing market with financial tools and solutions. The company’s marquee service is an embedded finance product offering early payments to staffing firms which helps them have liquidity up to 180 days before they’re paid by their clients.
“Both Qwil and LSQ have a similar mission, which is to make access to working capital easier,” said LSQ CEO Dan Ambrico. “Qwil has built a compelling embedded finance platform for the contingent staffing market, and that fits well with LSQ’s strategic vision and the direction we’re headed.”
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Ambrico lauded the Qwil team for the technology partnerships and integrations they have built and sees them as a fit to help LSQ greater fill a market need.
“There is a perfect combination of the great user experience Qwil has built with LSQ’s working capital funding and payments management capabilities,” he said. “I think those two things have powerful synergies and we’ll continue to advance the integration work they’ve already done with their partners.”
For Qwil CEO (and co-founder) Reinsch, LSQ was the perfect match to continue what he and the Qwil team created and built with leading vendor management systems and managed services providers the last seven years.
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“We share common goals and LSQ has the resources to grow the mission we started,” said Reinsch. “LSQ is a recognized leader in the supply chain and accounts receivable finance space with deep pools of capital and underwriting experience.
“By leveraging Qwil’s deep proprietary embedded finance integrations and LSQ’s existing experience in contingent staffing and professional services firms, and credit and risk management, the new combo is extremely powerful.”
Qwil’s existing customers also see value in the scale that LSQ brings.
“Qwil’s early payments solution has been crucial for our company” said Amar Bamra, Managing Partner at Dynamic Consulting Group, a workforce management and operations consulting company providing innovative solutions and services to the food, beverage, consumer packaged goods, and medical industries. “It’s exciting for us to see Qwil join with LSQ – as they grow, they can better help us grow.”
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